If Indigo Partners succeeds in purchasing the airline from Republic Airways (RJET), William Franke is likely to transform the Denver-based carrier into a new version of Spirit, which contends with Allegiant Travel (ALGT) to provide the lowest-priced air service in the nation. Republic, which acquired Frontier in 2009, has been trying to sell the carrier for more than a year, BusinessWeek notes.

Republic recently said that it has entered into a non-binding agreement with an unnamed party to sell Frontier. It has postponed its annual shareholder meeting until September, suggesting that a sale could be finalized by August.